Primaris REIT Expands GTA Footprint with $411M Upper Canada Mall…

Event summary

Primaris REIT to acquire Upper Canada Mall in Newmarket, Ontario for $411 million, closing expected by October 31, 2026.
The 990,114 square foot mall has $888 per square foot same store sales productivity and total annual CRU sales volume of $271 million.
Acquisition is expected to be modestly accretive to annualized fully diluted FFO per unit.
Primaris plans to lease up vacant space and monetize excess land for additional growth potential.

The big picture

Primaris REIT continues its strategy of acquiring market-leading enclosed shopping centres in growing Canadian markets, particularly in the Greater Toronto Area. This acquisition strengthens Primaris' position as Canada's only enclosed shopping centre-focused REIT, with a portfolio totaling 15.6 million square feet valued at approximately $5.6 billion. The deal reflects increasing interest in enclosed shopping centres and Primaris' reputation as a well-capitalized, reliable buyer with a proven operating platform.

What we're watching

Lease-Up Execution: How Primaris will fill 263,400 square feet of vacant anchor and large format space with high-quality national retailers.
Financial Leverage: Whether Primaris can maintain its target Average Net Debt to Adjusted EBITDA range of 4.0x to 6.0x post-acquisition.
Market Dynamics: The pace at which Primaris can drive NOI growth through leasing, asset management, and operational efficiencies at Upper Canada Mall.